REFUND OF EXCESS PAYMENT
We wish to inform Members that the Club had paid an excess amount of RM200,000.00 in premium in respect of the lease on Lot 3588 granted by the Penang State to our Club in 1992. The premium was RM500,000.00 and was payable by 20 annual installments of RM25,000.00 per installment with the first installment to be made in 1994 and the last in 2013.
However, our Club had continued to pay the installments up to 2021.
The Honorary Secretary had liaised with the land office to resolve the matter, and the land office had in their letter of 14 September 2021 confirmed that they will refund the excess payment of RM200,000.00 to the Club.
By the Order of the Committee
11 October 2021